tarun (Advocate) 27 June 2014

Income tax retrun calculation for salary + adv.proff. fee

Hi, need an tax advice for individual .

How to calculate Income tax return for Govt. employee turned lawyer- having income from Salary (govt.) for few months and rest of the income through professional fee (Lawyer fee) wherein TDS already deducted from both sources.

1. Whether both incomes needed to be clubbed together for income tax purpose ?

and

2. whether taxation slabs /rate of tax is different for Professional fee and salary ?

Thanx in advance for reply

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2 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 28 June 2014

Submit your income tax calculation as per the following and submit to the department.

Personal Details

Age*

Gender

Male

Female

Residential Status *

PAN No:

Annual Income Details

Salary

House Property (Rented house / home loan interest paid)

Short Term Capital Gain

Shares/Mutual Funds(taxed @15%)

Other Assets(taxed @Normal rates)

Long Term Capital Gain(taxed @20%)

Assets Excl. Shares/Mutual Funds

Other Income

Winning from Lotteries, crossword, puzzles,professional fee etc.

Saving Bank Interest

Other Taxable Income including Interest inc

Deductions Details

Tax Saving Investment (80C)

Contribution to Pension Plan (80CCC)

Medical Insurance Premium: Self, Spouse & Children [80D(1)]

Medical Insurance Premium Parents [80D(2)]

Interest paid on Education Loan (80E)

Donations made (exempted @ 100%) (80G)

Donations made
(exempted @ 50%) (80G)

Tax Payment (Advance Tax Paid)

1st April to 15th September

16th September to 17th December

18th December to 18th March

T. Kalaiselvan, Advocate (Advocate) 28 June 2014

A good illustration and explanation by adv. Mr. Ramachary, you may calculate the same accordingly.

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